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Hi Tom1988,
Hope you are well. We always recommend consulting with an accountant with regards to catergorising payments but essentially in QuickBooks Online there are two ways to record the Superannuation. I will provide both options for your reference:
1) If you've created a pay run, the superannuation will auto calculate the 9.5%. When you finalise the pay run, it will import a journal in QBO which will hit the Superannuation Payable and Superannuation Expense account. Once the super payment shows in the bank feeds, you can allocate the payment in Superannuation Payable Account (Liability account).
2) If a pay run was not created in QBO, you can use the existing Superannuation Expense account to track the payment. Once the super payment shows in the bank feeds, you can allocate the payment to the Superannuation Expense account.
Once again, as you are a sole trader and this is a payment to your Super fund, we highly recommend consulting with an accountant to confirm what would be the most suitable option.
Thank you,
Kay.
Hi Tom1988,
Hope you are well. We always recommend consulting with an accountant with regards to catergorising payments but essentially in QuickBooks Online there are two ways to record the Superannuation. I will provide both options for your reference:
1) If you've created a pay run, the superannuation will auto calculate the 9.5%. When you finalise the pay run, it will import a journal in QBO which will hit the Superannuation Payable and Superannuation Expense account. Once the super payment shows in the bank feeds, you can allocate the payment in Superannuation Payable Account (Liability account).
2) If a pay run was not created in QBO, you can use the existing Superannuation Expense account to track the payment. Once the super payment shows in the bank feeds, you can allocate the payment to the Superannuation Expense account.
Once again, as you are a sole trader and this is a payment to your Super fund, we highly recommend consulting with an accountant to confirm what would be the most suitable option.
Thank you,
Kay.
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